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Price hikes exceeded by salary increases over past 10 years

THE PRICES of goods and services have risen by 40 percent over the past 10 years since Slovakia joined the European Union, but this pace of increase has been outperformed by a 70-percent rise in the average salary over the same period, the TASR newswire cited the analysis by Poštová Banka.

THE PRICES of goods and services have risen by 40 percent over the past 10 years since Slovakia joined the European Union, but this pace of increase has been outperformed by a 70-percent rise in the average salary over the same period, the TASR newswire cited the analysis by Poštová Banka.

"The prices of foodstuffs and non-alcoholic beverages have gone up by 32 percent over the past 10 years. But when it comes to the majority of foodstuffs, a Slovak person with an average salary needs to work shorter hours to buy them than was the case 10 years ago. This is thanks to increasing salaries, which have grown at a faster rate than prices," said the bank's analyst Jana Glasová, as quoted by TASR.

When comparing figures from 2003 to those in 2013, Slovaks took home an average of 72 percent more in salaries last year than in 2003, going from €477 to €824 per month on average, she noted.

Glasová also noted that the performance of Slovakia's economy was some 50 percent higher last year than in 2003, mainly due to foreign demand and related exports of Slovak products abroad.

Source: TASR

Compiled by Michaela Terenzani from press reports. The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

29. Apr 2014 at 10:00

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